Gov't urges bondholders to support debt exchange

With the National Debt Exchange (NDX) offer set to close tomorrow, Government bondholders are again being encouraged to participate in the programme.

Senior Director, Debt Management in the Ministry of Finance and Planning, Pamella McLaren, says the Government is seeking to get a 100 per cent participation rate.

Addressing a JIS ‘Think Tank’, in Kingston, yesterday, McLaren explained that the NDX is one of the prior actions the Government must take before the  board of the International Monetary Fund (IMF) will approve an agreement.

The Government is seeking to enter a four-year arrangement under the IMF’s Extended Fund Facility. 

Meanwhile, yesterday large holders of Government debt formally confirmed their participation in the Debt Exchange in a united press conference.

Bruce Bowen, president and CEO of Scotia Group Jamaica, the second largest holder of governmnet of Jamaica debt, was joined by four executives of other financial institutions for the announcement.

The others were Richard Byles of Sagicor Life Jamaica, Eric Hosin of Guardian Life Limited, Keith Duncan of Jamaica Money Market Brokers and Maureen-Hayden Carter, of First Global Bank.

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